Handbook of Stocker Brokerage Accounting. - book reviews

Black Enterprise, Nov, 1994 by Gracian Mack

New handbook tells it like it is inside the brokerage house

If you're baffled by your brokerage account statement or find yourself confused by your broker's explanations, a new book, Handbook of Stock Brokerage Accounting, may be just the thing you need. Published by Simon & Schuster and available at all major bookstores, the author, Richard Ross, is a vice president in the audit department of Lehman Brothers.

"If you're on the telephone with your broker and he or she is giving you some convoluted explanation of why you didn't get your dividend check," Ross explains, "you can turn to the section that deals with how orders are processed and find out if what he's telling you is the truth or if he's giving you the runaround."

For industry veterans, the book is a handy reference tool, penned as an easy-to-read textbook, declares the author. Ross an MBA College in New York City, provides clear definitions of the jargon and procedures that set Wall Street apart from any other industry.

"For people studying for the Series 27 exam, the book will give them realistic and practical applications to the techniques and accounting procedures at any broker dealer operation," Ross explains.

Passing the Series 27 exam is a mandatory requirement of the Securities and Exchange Commission for all brokerage industry chief financial officers.